Under Armour was founded on September 25, 1996, byKevin Plank, a then-24-year-old former special teams captain of theUniversity of Maryland football team. Plank initially began the business from his grandmother's basement inWashington, D.C.[4]He spent his time traveling along the East Coast with nothing but apparel in the trunk of his car. His first team sale came at the end of 1996 with a $17,000 sale. From his grandmother's Washington, D.C.-area rowhouse, Plank moved to Baltimore.[5]
As a fullback at the University of Maryland, Plank got tired of having to change out of the sweat-soaked T-shirts worn under his jersey; however, he noticed that his compression shorts worn during practice stayed dry. This inspired him to make a T-shirt using moisture-wicking synthetic fabric.[5] After graduating from the University of Maryland, Plank developed his first prototype of the shirt, which he gave to his Maryland teammates and friends who had gone on to play in the NFL. Plank soon improved the design, creating a new T-shirt built from microfibers that wicked moisture away.[4] Major competing brands including Nike, Adidas, and Reebok would soon follow with their own moisture-wicking apparel.[6] Plank opted to use the British spelling "armor" in the company name because the toll-free vanity number was still available for that version.
People began to take notice of the brand when a front-page photo of USA Today featured Oakland Raiders quarterback Jeff George wearing an Under Armour mock turtleneck. Under Armour's first major sale came when an equipment manager from Georgia Tech requested 10 shirts from Plank. Contracts with NC State, Arizona State, and other Division I football teams followed. That year, Under Armour launched several new apparel lines including ColdGear, TurfGear, AllseasonGear, and StreetGear.[5] By the end of 1996, Under Armour had sold 500 Under Armour HeatGear shirts, generating $17,000 for the company.[5] In 1997, Plank had $100,000 in orders to fill and found a factory in Ohio to make the shirts.
For the fiscal year 2018, Under Armour reported losses of US$46 million, with annual revenue of US$4.977 billion, an increase of 9.9% over the previous fiscal cycle. Under Armour's market capitalization was valued at over US$10.7 billion in November 2018.
The following year, Under Armour became the outfitter of the new XFL football league.[5] In 2003, private equity firm Rosewood Capital invested $12 million into the company.[9] The same year, the company launched its first television commercial, which centered on their motto, "Protect this house."[4] The company had its IPO on the NASDAQ in November 2005, raising $153m of capital.[10] In late 2007, Under Armour opened its first full-line full-price retail location at the Westfield Annapolis mall in Annapolis, Maryland.[11] It has since opened several specialty stores and factory outlet locations in Canada, China, and 39 states including the opening of its first Brand House in Baltimore in 2013 and second Brand House in Tyson's Corner, Virginia.[12]
In 2009, the company formed an alliance with Cal Ripken Jr.'s Ripken Baseball, including providing uniforms for the minor league Aberdeen IronBirds and youth teams participating in the Cal Ripken World Series
The expansion of Under Armour's product lines, such as TurfGear, AllseasonGear, and StreetGear put Under Armour at the forefront of the emerging performance apparel industry. In 2003, Under Armour launched their Women's Performance Gear product line.[4]
UA t-shirt
Under Armour announced an addition to their ColdGear product line, called Infrared, that was released in 2013.[43] This line claims to dissipate and re-circulate heat around the wearer's body using ceramic powder. This was purportedly designed so that the wearer's heat signature will not be picked up. Under Armour also had released a product with scent control technology in 2012 titled, "Under Armour Scent Control". This line claims to be designed so that the wearer's scent cannot be detected.[44]
Under Armour developed a new type of shirt called "Coldblack", which is designed to reflect heat and keep athletes cool in the sun.[45] Under Armour has come out with new styles for football uniforms. In October 2012, Under Armour created "The Wounded Warrior" project for football uniforms.[46] The University of Hawaii and Boston College wore the star-studded cleats and the American striped jerseys. They were revealed when Boston College played Maryland on October 27, 2012, also when Hawaii played UNLV on November 24, 2012.[46]
The company produces the Speedform shoe in a Chinese bra factory. It has no insole and little stitching. Shoes are Under Armour's fastest growing product line, growing 31% from 2011 to $239 million in sales in 2012.[47]
In 2018, Under Armour launched two new pairs of connected running shoes at CES. Inside each shoe is a Bluetooth module, accelerometer and gyroscope.[48]
In November 2020, Under Armour announced a new brand in partnership with NBA star Stephen Curry called the Curry Brand.[49] The launch follows Under Armour's quarterly earnings, resulting in $1.43 billion in revenue, which was flat in comparison to 2019.[50]
Recalls
Sales
In 2014, sales of apparel, footwear, and accessories represented 74.3%, 14%, and 9.9% of net revenues, respectively. Revenue has grown steadily by 30% from 2010 to 2014.[33] As of January 28, 2016, the fourth quarter net revenues for 2015 increased 31% to $1.17 Billion while the full-year net revenues increased 28% to $3.96 Billion. Based on these numbers, Under Armour has updated its 2016 net revenue outlook to approximately $4.95 Billion (+25%).[34]
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